On January 1, 2020, Jamil Incorporated redeemed bonds prior to their maturity date of January 1, 2021.
Question:
On January 1, 2020, Jamil Incorporated redeemed bonds prior to their maturity date of January 1, 2021. The face value of the bonds was $800,000, and the redemption was performed at 97. As at the redemption date, the unamortized premium was $6,500. Prepare the corporation's journal entry to record the redemption of the bonds.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 85% (7 reviews)
Bonds Payable 800000 ...View the full answer
Answered By
Muhammad Haroon
More than 3 years experience in teaching undergraduate and graduate level courses which includes Object Oriented Programming, Data Structures, Algorithms, Database Systems, Theory of Automata, Theory of Computation, Database Administration, Web Technologies etc.
5.00+
3+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting Volume 2
ISBN: 9781119497042
12th Canadian Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
Question Posted:
Students also viewed these Business questions
-
On January 1, 2017, Jamil Incorporated redeemed bonds prior to their maturity date of January 1, 2018. The face value of the bonds was $800,000, and the redemption was performed at 97. As at the...
-
On January 1, 2020, Henderson Corporation redeemed $500,000 of bonds at 99. At the time of redemption, the unamortized premium was $15,000. Prepare the corporations journal entry to record the...
-
On January 1, 2020, Mayor Company issued 40,000 5-year bonds with a $1,000 par value each. The market values the bonds at $30,000 less than the face value of the bonds. The stated rate of interest is...
-
Simplify each expression. Assume that all variables represent nonzero real numbers. 52
-
Stachyose occurs in the roots of several species of plants. Deduce the structure of stachyose from the following data: 1. Acidic hydrolysis of 1 mol of stachyose yields 2 mol of D-galactose, 1 mol of...
-
In Problems 1-5, perform the indicated matrix operations, if possible, where \[\begin{array}{ll}{[\mathrm{A}]=\left[\begin{array}{rr}1 & 0 \\2 & -1\end{array}ight]} &...
-
Edward Entrepreneur has an idea for a new business venture. He has designed an electronic gizmo, the Wonder Cleaner, to assist with routine household chores. Edward wants to set up a corporation to...
-
Belco Manufacturing produces and sells oil filters for $ 3.35 each. A retailer has offered to purchase 20,000 oil filters for $ 1.75 per filter. Of the total manufacturing cost per filter of $ 1.90,...
-
Microsoft Corporation makes Xbox video game consoles. For Microsoft's financial year YYYY, please make use of the following provided information regarding the inventory of those Xbox consoles:...
-
Journalize the following merchandise transactions: a. Sold merchandise on account, $18,000 with terms n/30. The cost of the goods sold was $10,800. b. Received payment. c. Refunded $600 to customer...
-
Hanson Incorporated issued $1 million of 7%, 10-year bonds on July 1, 2019, at face value. Interest is payable each December 31. The company has chosen to apply the fair value option in accounting...
-
Lawrence Incorporated owes $100,000 to Ontario Bank Inc. on a two-year, 10% note due on December 31, 2020. The note was issued at par. Because Lawrence is in financial trouble, Ontario Bank agrees to...
-
What might be the consequences to a contractor of failing to complete a job on time?
-
The so-called MacLaurin series expansion for sin x is given by: sin x = x - 3 x5 + - 7 x 3! 5! 7! +... 1) Prove that this expansion is actually a special case of the Taylor series studied in class....
-
Explain the sources of each type of law and provide examples of each: constitutional law, statutory law, common law.
-
Please define and discuss the term "ripeness" as it relates to constitutional law.
-
Sheridan Corporation purchased from its stockholders 5,900 shares of its own previously issued stock for $295,000. It later resold 1,600 shares for $53 per share, then 1,600 more shares for $48 per...
-
You are the foodservice manager. Last month your labor expense was $50,000, your food expense was $45,000, and your other expenses were $15,000. If your total Revenue equaled $128,500, what was your...
-
Two moles of an ideal gas are placed in a container whose volume is 8.5 10-3 m3. The absolute pressure of the gas is 4.5 105 Pa. What is the average translational kinetic energy of a molecule of...
-
Prairie Outfitters, Inc., a retailer, accepts paymnent through credit cards. During August, credit card sales amounted to $12,000. The processor charges a 3% fee. Assuming that the credit card...
-
The trial balance of Eastwood Inc. and other related information for the year 2020 follows: Additional information: 1. The inventory has a net realizable value of $212,000. The FIFO method of...
-
The audited annual financial statements of Maple Leaf Foods Inc. for the year ended December 31, 2017, can be found on the companys website or from SEDAR (www.sedar.com). Instructions a. Calculate...
-
Bruno Corp. has decided to expand its operations. The bookkeeper recently completed the following statement of financial position in order to obtain additional funds for expansion: Bruno Corp....
-
At the beginning of the year DRJ Enterprises reported gross fixed assets of $915 million and net fixed assets of $616 million; at the end of the year, it reported gross fixed assets of $882 million...
-
In 20X2, Jacque's Gardening Supply acquired Glenn's Agricultural Center and recorded goodwill in the amount of $450,000. At the end of the 20X4 year, the net assets (including goodwill) of Glenn's...
-
In its financial statements KRJ International reported net income of $10 million and an effective taxIn its 2019 financial statements Driver Enterprises reported total debt of $155 million and total...
Study smarter with the SolutionInn App